The Real Estate Development Fund plans to announce its approval to serve 90,000 Saudi families, representing the final batch of the 500,000 families registered on its waiting lists. The Real Estate Fund has financed more than 200,000 families through its “Subsidized Financing” program, with a total value exceeding 90 billion riyals.
The Fund has been able to reach more than 23,000 families per month through 14 banks and financial institutions, with subsidized financing of up to 100 percent, The total percentage of Saudi families eligible for 100 percent subsidized financing rose from 80 to 90 percent of all those registered on its lists, after the Real Estate Fund adjusted the mechanism for supporting mortgage loan beneficiaries.
The housing program aims to provide housing solutions that enable Saudi families to own or use suitable homes in accordance with their needs and financial capabilities, and to improve conditions for current and future generations, by providing subsidized and appropriate financing solutions in parallel with increasing the supply of affordable housing units in record time, implementing specialized housing programs for the most vulnerable segments of society, developing the legislative and regulatory environment for the housing sector, maximizing its economic impact, enhancing its attractiveness to the private sector, and promoting local content—all of which will lead to the creation of more job opportunities and the strengthening of the Kingdom’s economic foundation.
Housing sector policies are rooted in the Kingdom’s Vision 2030, which is based on achieving a vibrant society, an ambitious nation, and a prosperous economy, to enable a healthy and fulfilling life that provides opportunities for Saudi families to own suitable housing through the “Housing Program” which is one of the Vision’s programs. It implements various housing policies, including financing and housing support, supply support, the development of regulations and legislation, and the improvement of services. By implementing these policies, the Ministry has been able to serve a larger number of citizens and exceed its targets.
